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Highlights
- Built on the Ethereum blockchain the UMA crypto is a protocol that is used for the creation of synthetic assets.
- UMA crypto is making waves with a 22.24% rally along with a huge volume inflow of over 667.36% at 7:00 AM (GMT +1) on 15 June, according to CoinMarketCap.
- The UMA crypto was witnessing a healthy Wednesday as it was trading at US$2.61 with a 24-hour trading volume of US$24,43,10,645 as per CoinMarketCap.
At a time when the majority of the crypto market is in a bearish phase, it is hard to imagine any crypto witnessing a handsome rally. On one hand, leading cryptos, such as Bitcoin and Ethereum tumbled to their 18-months lows, on the other hand, UMA crypto is making waves with a 22.24% rally along with a huge volume inflow of over 667.36% around 7:00 AM (GMT +1), according to CoinMarketCap.
Built on the Ethereum blockchain the UMA crypto is a protocol that is used for the creation of assets that are synthetic in nature. Founded by Hart Lambur and Allison Lu, the UMA crypto aims to decentralise the financial derivatives market and offers a combination of a combination of cryptocurrencies and traditional derivative assets for investors to explore. The liquidators It’s liquidators and token sponsors continue to monitor the position of the assets which ensures that it remains properly collateralised.
Related read: Can Bitcoin rise like a phoenix after Black Monday?
The UMA crypto’s rally on Wednesday comes after a prolonged bearish run, which saw it slump by 19.8% in the last 30 days, as per data on CoinGecko.
Why is UMA crypto drawing attention?
UMA crypto seems to be drawing attention largely on the back of the protocol going live on Bancor3. Bancor is a platform that allows the holders to not only deposit but also earn tokens of their choice for staking.
The partnership will allow UMA tokens to protect themselves from impermanent losses and at the same time it will also ensure UMA protocol’s liquidity. Besides, Bancor will also allow UMA tokens to earn sustainable yields and offer the users auto-compounding yields.
Related read: Why are Terra (Luna), Terra Classic (LUNC) witnessing increased volatility?
The UMA crypto is unique as it operates on the Ethereum blockchain and allows users the freedom of trading in digitised derivatives from anywhere in the world. This gives the freedom for the local market participants to participate thereby removing the barriers to entry into the financial space.
UMA Price and performance
The UMA crypto was witnessing a healthy Wednesday as it was trading at US$2.61 with a 24-hour trading volume of US$24,43,10,645, as per CoinMarketCap. The UMA token has a live market cap of US $17,15,70,175 with 6,69,68,713 UMA coins in circulation, as of 15 June.
While the rally would be a relief for the UMA investors, people should be careful of the volatile situation and warnings issued by various authorities. In the current scenario, where leading cryptos are falling and the overall market cap has gone below US$1 trillion, investors should take wise calls with their money. Investors need to be on their toes and must make sure that they do their research before investing.
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